Blackrock Bitcoin ETF Poised to Surpass Grayscale
Blackrock's Bitcoin ETF has shattered records since receiving approval from the SEC.
According to Bloomberg, BlackRock’s iShares Bitcoin Trust (IBIT) is close to overtaking Grayscale as the world’s largest Bitcoin fund, with a gap of only about $2 billion.
GBTC has lost over $16 billion in value over 68 consecutive days, leaving the ETF’s assets at $19.4 billion. Meanwhile, IBIT’s total assets have surged to over $17.3 billion due to 68 days of continuous capital absorption.
Significant capital withdrawals have been recorded from Grayscale’s spot Bitcoin ETF (GBTC), with investors pulling out $89.9 million in the last five days alone, resulting in a net outflow of $1.6 billion since January.
Despite Grayscale’s early-mover advantage in the Bitcoin ETF market, its dominance seems to be diminishing. Fidelity and BlackRock have been gaining sizable market shares since trading began.
READ MORE: Bitcoin Officially Completes Its Fourth Halving
During the same week, Fidelity and BlackRock Bitcoin ETF both received net inflows of $37.3 million and $18.7 million, respectively, resolving some liquidity issues the market was experiencing.
Bitwise CEO, Hunter Horsley, described the acceptance of Bitcoin by multifamily offices and registered investment advisers (RIAs) as “stealthy but material,” suggesting that major financial giants are conducting in-depth analyses of the Bitcoin market behind closed doors.
This trend has been revealed in a Bitwise analysis on cryptocurrency registration earlier this year. Without disclosing their intentions to the public, these organizations are starting to include Bitcoin in their portfolios. The upcoming halving of Bitcoin is expected to encourage these registrants to make more accommodations in response to market demand.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
